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Teck Announces Carmen de Andacollo Gold Stream
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15-22-TR
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July 9, 2015 / Download PDF
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Vancouver, B.C. - Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) announced today that Compañia Minera Teck Carmen de Andacollo ("CDA") has entered into a long-term gold offtake agreement with RGLD Gold AG ("RGLDAG"), a wholly owned subsidiary of Royal Gold, Inc. (NASDAQ: RGLD; TSX: RGL). Teck has increased its cash position by US$162 million as a result of CDA entering into the offtake agreement and terminating a separate royalty agreement with Royal Gold Chile Limitada.
Under the terms of the offtake agreement, RGLDAG made an advance payment of US$525 million to CDA, which has agreed to sell and deliver, on a monthly basis, an amount of gold equal to 100% of the payable gold produced from the Carmen de Andacollo mine until 900,000 ounces have been delivered, and 50% thereafter. RGLDAG will also pay a cash price of 15% of the monthly average gold price at the time of each delivery. The offtake agreement applies to certain mining exploitation concessions currently owned by CDA, any mining concessions acquired within an approximately 1.5 kilometre area of interest and certain other mining concessions that CDA may acquire.
CDA and Royal Gold have also agreed to terminate an earlier royalty agreement. Pursuant to that termination agreement, CDA paid Royal Gold Chile Limitada ("RG Chile") a US$345 million fee in order to terminate the royalty agreement with RG Chile entered into in 2010, under which RG Chile was entitled to royalty payments based on 75% of payable gold produced by CDA up to 910,000 ounces and 50% thereafter. In addition to the termination fee, CDA will make a post-closing payment of approximately US$9 million to RG Chile for royalties payable to the end of June.
Teck holds a 90% interest in CDA and ENAMI, a Chilean State owned entity dedicated to the promotion and development of mining in Chile, holds the remaining 10% interest.
About Teck
Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK. Learn more about Teck at www.teck.com or follow @TeckResources.
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Investor Contact:
Greg Waller
Vice President, Investor Relations and Strategic Analysis
604.699.4014
[email protected]
Media Contact:
Chris Stannell
Senior Communications Specialist
604.699.4368
[email protected]
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Royal Gold Inc.
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PRODUCER |
CODE : RGLD |
ISIN : US7802871084 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Royal Gold is based in United states of america. Royal Gold produces gold, copper, lead, silver and zinc in Argentina, in Bolivia, in Burkina Faso, in Canada, in Chile, in Guinea, in Mexico, in Nicaragua and in USA, develops copper, gold, lead, silver and zinc in Australia, in Burkina Faso, in Canada and in Chile, and holds various exploration projects in Argentina, in Bulgaria, in Canada and in Finland. Its main assets in production are BALD MOUNTAIN in USA, LIMON, LEEVILLE MINING COMPLEX and GOLDSTRIKE OPEN PIT in Nicaragua, DON MARIO (CERRO PELADO) and ROBINSON (NEVADA) in Bolivia, EL CHANATE, PEÑASQUITO, WHARF, MARIGOLD, DOLORES MINE, MULATOS MINE -ESTRELLA and GOLDSTRIKE UNDERGROUND in Mexico, SIGUIRI in Guinea, TAPARKO in Burkina Faso, MARTHA MINE in Argentina, ANDACOLLO HYPOGENE, TOQUI and ANDACOLLO in Chile and WILLIAMS, TWIN CREEKS, PIPELINE MINING COMPLEX and TROY in Canada, its main assets in development are GOLD HILL and PASCUA LAMA in Chile, HOLT MINE & MILL and PINE COVE (MINGS BIGHT) in Canada, BALCOOMA in Australia and BOUROUM in Burkina Faso and its main exploration properties are CANADIAN MALARTIC (QUEBEC), GOLDSTRIPE WILLA, MANHATTAN (WHITE CAPS) and CAMP BIRD MINE in Canada. Royal Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is US$ 7.9 billions as of today (€ 7.4 billions). Its stock quote reached its lowest recent point on February 28, 1992 at US$ 0.03, and its highest recent level on June 17, 2024 at US$ 120.70. Royal Gold has 65 455 293 shares outstanding. |